Poor form by the company ignoring Selenge as well as pricing the...

Poor form by the company ignoring Selenge as well as pricing the advisor/soph shares at 0.0007c raising very little cash with high interest.
Check the wording of the announcement below in bold. Does the wording mean that the company gets paid twelve months AFTER Ambaatar Bilguun sells product and receives payment. Have they even started mining there?

Divestment of Mongolian Interests The Directors of Haranga Resources Limited (‘the Company’ or ‘HAR’ are pleased to announce the Company has entered into a Share Sale Agreement for the sale of the Selenge Project in Mongolia.
The Company has executed a formal share sale agreement with Ambaatar Bilguun (‘the Buyer’ for the sale of the Company’s 100% interest in Mongolian subsidiary Haranga Iron LLC.
Haranga Iron LLC is the holder of an 80% interest in Haranga Khuder LLC which holds the Selenge Project in Mongolia, comprising of mining license 18934A and exploration license 11335X.
The material terms of the Share Sale Agreement are detailed below:
- Completion of the transaction is subject to customary closing conditions, including receipt of required shareholder and other regulatory approvals. The ASX has advised it will require shareholder approval pursuant to Listing Rule 11.2. The Company notes that it is currently preparing the necessary notice of meeting and anticipates the general meeting will be held in July 2017;
- On execution, the Buyer will pay to the Company a non-refundable deposit of US$100,000;
- On receipt of required shareholder and other regulatory approvals, the Buyer will pay the Company US$1,000,000; and
- On the date that is 12 months from the first date that proceeds from the sale or other disposition of product from the Selenge Project are received, the Buyer will pay the Company US$3,500,000.